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European Banks are Now Getting Bailed Out Now / Seizing Up

By
Real Estate Agent with Buyer Broker Chicagoland - CHICAGO IL AND SUBURBS

Besides the stock market tanking 777 points today (largest point drop ever) due to no agreement on the bailout plan - European governments announced a flurry of bank bailouts from Germany to Iceland before that even happened.

I fully expect the market to rebound a bit tomorrow - as i am sure that someone will come up with a comment about bringing up a new bailout plan that can be voted upon that will be approved...  The government inevitably will get something through......right?

So - I think today's stock market tanking was a bit of an over-reaction...
Nevertheless - I think we are still headed down over time..

Prior to the rejection of the bailout - in Europe - the proposed rescue deals only heightened fears that the contagion from the U.S. credit crisis has much further to spread before the financial system recovers.

European shares fell heavily and money markets remained frozen with banks refusing to lend to each other for all but the shortest periods amid concern that a planned U.S. government $700 billion bailout package 'WOULD NOT BE ENOUGH"  to stem the crisis.

A few hours later, the U.S. House defeated the rescue package by a vote of 228-205.

So - not sure how much more frozen up European Banks will become after the bill's defeat......

Companies in the US and Europe are having a hard time raising money via new loans.

Of course - I predicted all this about 3-4 years ago when Bernake started jacking rates over and over - thus killing housing - which is why I have various domain names related to

The Great Depression of 2009......(decided to get them earlier this year) 

Perhaps someone will swap some gold to me in exchange for the domain names :-)

You may want to stockpile a bit of canned food in any case - before the dollar becomes worthless....

I'm actually taking up canning as a hobby - making pickles.... Unfortunately - my first batch turned out to be way too salty :-(

I'll get the hang of it .... esp if I have more free time on my hands if home buyer flow dries up....

 

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Comments (1)

Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Hi Rick

The bank bail out bill had a number of holes in it and the house needs to go back and do it right.

Good luck and success

Lou Ludwig

Sep 29, 2008 09:46 AM